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South Korea has intensified its actions to extradite Do Kwon, the CEO of Terraform Labs, back to its jurisdiction, as local South Korean media reports. This comes in the wake of a significant legal development in Montenegro where Do Kwon successfully appealed against his extradition to the United States, thereby redirecting the focus towards South Korea’s legal claim on him.
Extraditing Do Kwon To South Korea
The National Police Agency of South Korea has formally sought the assistance of the International Criminal Police Organization (Interpol) to facilitate the extradition of Kwon Do-hyung, saying, “We hope for interest and support at the Secretariat level so that the subject can be extradited to Korea.
This action follows the Montenegrin Court of Appeals’ decision which rejected the US extradition request based on the precedent of the request dates. South Korea had officially requested Kwon’s extradition on March 29, ahead of the United States’ request on April 3, establishing a legal precedent for Do Kwon’s extradition to South Korea.
The Ministry of Justice said, “We have not yet received official notification from Montenegro. Notification will come only when the repatriation decision is confirmed. The Ministry of Justice, Ministry of Foreign Affairs, and National Police Agency are working together to repatriate Mr. Kwon.”
Furthermore, Newsis revealed today that “the Ministry of Justice’s International Criminal Division and the National Police Agency are working together to repatriate Mr. Kwon through the international criminal cooperation channel and the Interpol international cooperation line, respectively,” said Lee Yong-sang, an officer specializing in international cooperation.
This development is part of the ongoing saga following the dramatic collapse of the Terra Luna, which resulted in significant financial losses worldwide, with the damage suffered by investors estimated at more than $40 billion.
Do Kwon, who had moved to Singapore just before the crash in April 2022, was arrested in Montenegro in March of the following year for using a fake passport. This arrest marked the beginning of an intricate legal battle involving multiple countries, each with its vested interest in prosecuting Kwon for his role in the Terra Luna debacle.
Interestingly, the legal status of Terra’s token LUNA varies between jurisdictions, with a South Korean court ruling that LUNA does not constitute a security under its Capital Markets Act, while a US court has ruled otherwise. This discrepancy highlights the complex legal and regulatory landscape that digital assets navigate, further complicating the extradition process and potential legal proceedings against Kwon.
Han Chang-jun, Chief Financial Officer (CFO) of Terraform Labs Korea, who was arrested in Montenegro as a close associate of Do Kwon was extradited to Korea on February 6 and is currently on trial.
As South Korea prepares for the possibility of repatriating Do Kwon, the global crypto community watches closely. The outcome of this case may set important precedents for the international regulation and prosecution of digital asset-related crimes, reflecting the growing need for cross-border cooperation and harmonization of legal standards in the digital age.
At press time, the Terra Luna Classic (LUNC) price stood at $0.0001923.
Featured image from BBC, chart from TradingView.com
